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Solutia files avoidance actions in bankruptcy case

Solutia Inc., filed 16 December 2005 several protective actions in its Chapter 11 case. According to US federal bankruptcy law, Solutia has two years from its Chapter 11 petition (17 December 2003) to…

Solutia Inc., filed 16 December 2005 several protective actions in its Chapter 11 case. According to US federal bankruptcy law, Solutia has two years from its Chapter 11 petition (17 December 2003) to file certain types of actions. As a result, the company is filing approximately 90 avoidance actions prior to this deadline, including one against Monsanto/Pharmacia, to preserve the legal rights of the bankrupt estate. “While no decision has been made to pursue these actions and we may never do so, we believe it is a prudent step to file them prior to the deadline to preserve the rights of the bankrupt estate,” said Jeffry N. Quinn, president and CEO, Solutia Inc. “Solutia remains committed to the agreement-in-principle announced in June. We continue to make progress toward the successful restructuring of Solutia consistent with that agreement.”

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